Key Points
- Upbit will list SONIC today, including KRW, BTC, and USDT trading pairs.
- Sonic is the 1st SVM chain to launch on Solana.
In an official announcement, South Korea’s largest crypto exchange, Upbit, announced the listing of Sonic SVM (SONIC), supporting the KRW, BTC, and USDT markets.
Sonic SVM is a roll-up network launched on Solana to address potential network congestion issues during on-chain game development.
What is Sonic SVM (SONIC)?
Sonic SVM is a project on Solana for games and applications and it’s also powering the Web3 TikTok app layer, onboarding the next billion users to the ecosystem. Sonic is built with Sonic HyperGrid, a framework for orchestrating optimistic Solana rollups.
SONIC is the native token that powers Sonic and the multi-SVM ecosystem. The team behind the project described SONIC token on December 31, 2024, via their X account.
57% of SONIC is allocated to the Sonic SVM Community, including tokens reserved for Ecosystem and Community, Initial Claims, and Sonic HyperGrid Rewards.
SONIC Distribution
- SONIC total supply is 2,4 billion tokens.
- The initial circulating supply is 15% of the total supply.
- 30% of tokens will go to the ecosystem and community.
- 7% will go to initial claims.
- 20% of tokens are set for Sonic HyperGrid Rewards.
- 20% of tokens are for the Foundation.
- 8% of tokens are for early supporters.
- 15% of tokens go to investors.
SONIC Unlock Schedule
SONIC will be distributed over 6 years, and by the end of the period, all tokens will be fully circulating, with the majority allocated to the community.
Also, no Team and investor tokens will be unlocked for the first 12-18 months from launch, and locked tokens cannot be staked.
SONIC – The Fuel for Sonic’s Ecosystem
SONIC’s utilities include the following:
- Payment Currency: It will be used across Sonic SVM to purchase in-game assets.
- Staking: It will power the network while earning rewards.
- Governance: It will influence decisions with SONIC and VeSONIC.
- Validator Delegation: It will strengthen the HyperGrid Shared State Network (HSSN)
SONIC’s TGE takes place today, January 7 and the team behind the project announced that the initial claim snapshot was completed before the end of last year. Besides Upbit, Bitget and other exchanges will also list SONIC.
